PCS Cheltenham Limited Filleted accounts for Companies House (small and micro)

PCS CHELTENHAM LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03625280

PCS Cheltenham Limited

Filleted Unaudited Financial Statements

30 September 2019

PCS Cheltenham Limited

Financial Statements

Year ended 30 September 2019

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

PCS Cheltenham Limited

Statement of Financial Position

30 September 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	5	186,368	190,699

Current assets

Debtors	6	1,085,486	1,006,101
Cash at bank and in hand		71,998	141,789
		------------	------------
		1,157,484	1,147,890

Creditors: amounts falling due within one year	7	56,214	35,009
		------------	------------
Net current assets		1,101,270	1,112,881
		------------	------------
Total assets less current liabilities		1,287,638	1,303,580
		------------	------------
Net assets		1,287,638	1,303,580
		------------	------------

Capital and reserves

Called up share capital	620	620
Profit and loss account	1,287,018	1,302,960
	------------	------------
Shareholders funds	1,287,638	1,303,580
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

PCS Cheltenham Limited

Statement of Financial Position (continued)

30 September 2019

These financial statements were approved by the board of directors and authorised for issue on 4 December 2019 , and are signed on behalf of the board by:

M Preston
Director

Company registration number: 03625280

PCS Cheltenham Limited

Notes to the Financial Statements

Year ended 30 September 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Midway House, Staverton Technology Park, Herrick Way, Staverton, Cheltenham, GL51 6TQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of the investment property measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:

Furniture, fixtures and fittings	-	15% per annum of reducing balance
Motor vehicles	-	25% per annum of reducing balance
Equipment	-	15% per annum of reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued at each reporting date and any changes in fair value are recognised in profit and loss.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).

5. Tangible assets

	Investment property	Furniture, fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 October 2018	185,000	9,426	10,700	1,679	206,805
Disposals	–	( 7,543)	–	( 1,679)	( 9,222)
	---------	-------	--------	-------	---------
At 30 September 2019	185,000	1,883	10,700	–	197,583
	---------	-------	--------	-------	---------
Depreciation
At 1 October 2018	–	4,482	10,031	1,593	16,106
Charge for the year	–	745	167	13	925
Disposals	–	( 4,210)	–	( 1,606)	( 5,816)
	---------	-------	--------	-------	---------
At 30 September 2019	–	1,017	10,198	–	11,215
	---------	-------	--------	-------	---------
Carrying amount
At 30 September 2019	185,000	866	502	–	186,368
	---------	-------	--------	-------	---------
At 30 September 2018	185,000	4,944	669	86	190,699
	---------	-------	--------	-------	---------

Tangible assets held at valuation

The investment property was revalued in September 2013 on the basis of open market value by Perry, Bishop and Chambers, a firm of surveyors and estate agents.

6. Debtors

	2019	2018
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,005,000	1,005,000
Other debtors	80,486	1,101
	------------	------------
	1,085,486	1,006,101
	------------	------------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	75	457
Social security and other taxes	949	3,007
Other creditors	55,190	31,545
	--------	--------
	56,214	35,009
	--------	--------

8. Related party transactions

At the reporting date an amount of £30,563 (2018 - £3,270) was owed by the company to the director in respect of his current account with the company. No interest has been charged on this account. The director was also the sole proprietor of an unincorporated business until 30 April 2019. During the year the company was charged £2,654 (2018 - £4,502) for administrative expenses by this business.

9. Controlling party

The ultimate parent company is Tanswell Limited, a company registered in England and Wales, and whose registered office address is Midway House, Staverton Technology Park, Herrick Way, Staverton, Cheltenham, GL51 6TQ.